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Key takeaways from Vidhi’s submission to FSB’s consultation on regulating crypto assets

In its submission, Vidhi urged the Financial Stability Board (FSB) to offer pointers on how authorities can design their regulatory approaches

“Given the evolving nature of crypto assets and the differentiated financial regulatory architecture in different jurisdictions, it may not be possible for all jurisdictions to adopt a common regulatory approach or accommodate them under existing laws,” read the submission by Vidhi Centre for Legal Policy (Vidhi) to a public consultation floated by the Financial Stability Board (FSB). The submission said that FSB’s recommendations state that national authorities must have a “comprehensive” framework for regulating crypto assets and stablecoins but it may be challenging for authorities to “pigeonhole” all crypto assets under a single asset class. Vidhi added that reliance on existing laws to regulate crypto assets in certain cases will lead to “under-regulation of the sector”. It urged FSB to offer pointers on how authorities can design their regulatory approaches and where there may be a need for a “bespoke” regulatory framework. What is the Financial Stability Board (FSB): It is an international body that monitors and makes recommendations about the global financial system with a mandate to maintain financial stability. The consultation was floated by the FSB on October 11, 2022, with a view to invite feedback on questions concerning the regulation, supervision and oversight of crypto asset activities and stablecoins. You can read the consultation here. Why it matters: It is important to note Vidhi’s submission because it offers a good reference point to Indian legislators on what they need to keep in mind while coming up with a regulatory framework for India. The country, on its part,…

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I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

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